The Federal Reserve is looking to raise interest rates soon. What does that mean for currencies?

There was heightened volatility in the overnight futures between Tuesday and Wednesday, and the Dow Jones Industrial Average and S&P 500 futures were down 4% at one point when Donald Trump was elected president.

However, by the open Wednesday, the S&P 500 and Dow Jones Industrial Average futures recouped most of their overnight losses and were down less than 0.50% in late morning.

Although the FOMC decided to leave rates unchanged, there are some comments that indicate a potential rate increase soon. The language was similar to that of the FOMC September meeting.

For most of this year, the Federal Reservedidn't seem like it knew what it was going to do and was just winging it.

Now, it makes sense that the Fed didn't raise rates at all up until this point because it is an election year, and there is a lot of uncertainty in this particular election. But now that Trump will be president, the Fed could start focusing on the actual economics of the U.S., rather than being afraid to spook the markets.

The most important statement at the FOMC's November meeting was, "The committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided for the time being to wait for some further evidence of further progress toward its objectives."

However, the FOMC didn't explicitly say when it would raise rates, but market participants are looking for the Fed to raise rates at next month's meeting.

Market participants are pricing in a 66.8% probability that the Fed will raise rates next month, by 25 basis points, according to the CME Group 30-Day Fed Fund futures prices and the CME FedWatch Tool.

The FOMC has maintained a zero-interest rate policy since late-2008, during the global financial crisis, up until last December, when it raised the federal funds target range by 25 basis points.

The U.S. jobs market has been trending up, and the October jobs report, which was released on Nov. 4, showed that the unemployment rate fell to 4.9% and wages rose significantly from a year earlier, the most since June 2009.